Lang
5/12/24
ACT is selling its Iowa City campus.
The Iowa City-based testing program for high school students wanting to attend college has announced it’s selling its property in northeast Iowa City to Iceberg Development Group.
ACT officials say they will continue to operate out of their current facilities, but they will now pay rent to Iceberg as a tenant.
IRS records obtained by KCRG television show ACT lost $12 million in 2022 and $78 million since 2020. The company is down to just over 250 employees after laying off about 40 last year. Another 115 full-time and 40 part-time employees were let go in 2019.
On May 1st ACT announced it would be transitioning to a public benefit corporation in partnership with Los Angeles-based Nexus Capital Management.